SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply technical knowledge and understanding of business insurance 
SAQA US ID UNIT STANDARD TITLE
120115  Apply technical knowledge and understanding of business insurance 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  10 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in commercial and industrial insurance including intermediaries, underwriters, reinsurers, claims assessors and learners in call centres.

The qualifying learner is capable of:
  • Analysing the assets of a business to determine the required cover.
  • Differentiating between the insurance of assets, liabilities, profits and stock.
  • Identifying the processes in a business and their related risk.
  • Interpreting a policy wording for business insurance. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Commercial and industrial including agricultural properties.
  • Additional costs include, but are not limited to, professional fees, municipal fees, demolition costs, fire brigade charges, total cost of firs, debris removal and escalation costs, clear up costs and making the site safe costs.
  • Business risk includes, but is not limited to, highly inflammable material, highly dangerous processes, security risks and stock declaration conditions.
  • High risks include, but are not limited to, construction, theft, fire, security and processes.
  • Optional cover includes, but is not limited to, money, glass, theft, goods in transit and accidental damage. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse the assets of a business to determine the required cover. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The insurance of buildings is explained with reference to the insurer and type of cover. 

    ASSESSMENT CRITERION 2 
    The contents or assets covered under business insurance are categorised to identify the type of cover applicable to each. 

    ASSESSMENT CRITERION 3 
    The valuation of assets is explained with reference to the sum insured, average and additional costs. 

    SPECIFIC OUTCOME 2 
    Differentiate between the insurance of assets, liabilities, profits and stock. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of a liability is explained with examples. 

    ASSESSMENT CRITERION 2 
    The concept of stock is explained with examples. 

    ASSESSMENT CRITERION 3 
    The concept of profits is explained with examples. 

    ASSESSMENT CRITERION 4 
    Reasons why profits, stock, liabilities and assets are insured differently from standard insurance are explained with examples. 

    SPECIFIC OUTCOME 3 
    Identify the processes in a business and their related risk. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The processes in a selected business are analysed to determine the type of business risk. 

    ASSESSMENT CRITERION 2 
    Reasons why some industries or businesses constitute a high risk are explained with examples. 

    SPECIFIC OUTCOME 4 
    Interpret a policy wording for business insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A policy document and schedule are analysed to determine the cover. 

    ASSESSMENT CRITERION 2 
    Exclusions in the policy are explained with reference to the specific risks in a selected business. 

    ASSESSMENT CRITERION 3 
    Optional covers and extensions are explained with reference to a specific business. 

    ASSESSMENT CRITERION 4 
    The terms and conditions of a policy are interpreted for a specific business. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying problems in determining the type of risk in a selected business. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in analysing the assets of a business to determine the cover required. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in interpreting a policy wording and explaining the cover. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are capable of seeing the world as a set of related systems in explaining the reasons why some industries or businesses constitute a high risk. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. Alcari Learning Centre (Pty) Ltd 
    3. CKP Development Agency (Pty) Ltd. 
    4. De Vries Management & Training Services cc 
    5. EJW Financial Services (Pty) Ltd 
    6. Faisit (Pty) Ltd 
    7. Intelligo Solutions Pty (Ltd) 
    8. Invuya Institute of Learning (Pty) Ltd 
    9. License to Skill cc 
    10. Masifunde Training Centre (Pty) Ltd 
    11. Octomate (Pty) Ltd 
    12. Outsurance Insurance Company Ltd 
    13. Ray Strodl Consulting (Pty) Ltd 
    14. Ripple Effect 4 (Pty) Ltd 
    15. RJM Educational Consulting (Pty) Ltd 
    16. Sanlam Life Insurance Ltd 
    17. Santam Limited 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.